Northwest Natural Gas Company (NWN) 2003年年度报告「NYSE」.pdf

1、220 NW Second AvenuePortland,Oregon 2003 Annual ReportgrowthInvesting inPercentincrease20032002(decrease)EarningsFinancial facts($000):Net operating revenues288,066287,5440Net income45,98343,7925Earnings aplicable to common stock45,68941,51210Financial ratios(%):Return on average common equity9.38.7

2、6Capital structure at year-endLong-term debt49.747.6Preferred stock0.9Common stock equity50.351.5Common stockShareholder data:Common shareholders9,69510,026(3)Average shares outstanding(000)25,74125,4311Per share data($):Basic earnings1.771.639Diluted earnings1.761.629Dividends paid on common stock1

3、.271.261Book value at year-end19.5218.854Market value at year-end30.7527.0614Operating highlightsGas sales and transportation deliveries(000 therms):1,099,7521,126,084(2)Degree-days(25-year average,4,238)3,9524,232(7)Customers at year-end578,150560,0673Number of utility employees1,2911,2612Dividends

4、 paid on common stockPayment date(per share)20032002February 15$0.315$0.315May 15$0.315$0.315August 15$0.315$0.315November 15$0.325$0.315_Total dividends paid$1.270$1.260_Financial Briefs$1.27$1.26$1.25$1.24$1.23$1.22$1.21$1.20$1.19$1.18$1.17In 2003,NW Natural increased its annual dividends paid per

5、 share for the 48th consecutive year,a growth record matched by few companies.989900010203DIVIDENDS PAID PER SHAREIN DOLLARS9899000102Diluted earnings were$1.76 per share in 2003,up 9 percent from$1.62 per share in 2002.03IN DOLLARSDILUTED EARNINGS PER SHAREREDUCTION IN EARNINGS PER SHARE FROM INVES

6、TMENT WRITEDOWNS:50 cents per share in 1998 due to asset impairment charges 33 cents per share in 2002 due to a loss for PGE acquisition costsEARNINGS PER SHARE$2.00$1.75$1.50$1.25$1.00$0.75$0.50$0.25Notice of Annual MeetingThe 2004 Annual Meeting will be held at 2p.m.Thursday,May 27,at the DoubleTr